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MTrading Team • 2023-09-25

USDJPY bulls struggle within rising wedge, focus on 147.30

USDJPY bulls struggle within rising wedge, focus on 147.30

USDJPY stays defensive at an 11-month high, losing upside momentum after a three-week winning streak, as market players await this week’s key Japan inflation data, as well as the US Durable Goods Orders. Also, sluggish RSI (14) line and MACD signals add restrictions to moves and challenge the Yen pair buyers. Furthermore, a rising wedge bearish chart formation comprising levels marked since early August also keeps the pair sellers hopeful. However, a convergence of the 100-SMA and the stated wedge’s bottom line, close to 147.30 at the latest, becomes necessary for the sellers to retake control. Even so, the 200-SMA and the monthly low, respectively around 146.40 and 144.45, may test the buyers ahead of highlighting the rising wedge’s theoretical target of 140.30 and 140.00.

On the contrary, the latest high of around 148.50 guards the immediate upside of the USDJPY pair ahead of the stated wedge’s top line of around 149.00. In a case where the Yen pair remains firmer past 149.00, the 150.00 round figure and the previous yearly high of around 152.00 could lure the pair buyers. Following that, the June 1990 peak of around 155.80 will act as the last defense of the bears.

Overall, USDJPY bears appear tiring but the buyers seem determined to give a tough tight before leaving the throne.

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